2024年二季度博彩公共资产负债表和估值指南（英）

EMERGINGTECHRESEARCH GamingPublicCompSheetandValuationGuide Q2 2024 PitchBookData,Inc. NizarTarhuniExecutiveVicePresidentofResearchandMarketIntelligence PaulCondraHeadofEmergingTechnologyResearch InstitutionalResearchGroup Analysis EricBellomo Analyst,EmergingTechnologyeric.bellomo@pitchbook.com pbinstitutionalresearch@pitchbook.comPublishedonJuly17,2024 Contents Keytakeaways2 Stockreturns4 Valuationcharts5 Revenue6 EBITDA8 ThefullExceldatapackincludingforward-lookingestimatesisavailabletoPitchBookclients. Keytakeaways •USequitymarketspostedastrongQ22024,ledbythetech-heavyS&P500InformationTechnologyindex(+14%).YTD,alltrackedindexeshaveoutpacedgamingcompanieswithonlythegamblingcategorypostinghigheraveragereturns(+29%).Monetizationcompaniesfollowed(+9%),andcontentdeveloperspostedlow-single-digitgains,whileallothercategorieswerenegative.Ofthe30publishers,developers,andstudiostracked,slightlymorethanhalffinishedQ2withpositivegains,ledbyKeywordStudios(+78%),DevolverDigital(+54%),andPearlAbyss(43%).Byextension,WemadeEntertainment(-31%),37Games(-25%),andSquareEnix(-22%)facedthesharpestcontraction. •Incumbentfirmsaresignalingtheindustry’scurrentstateofausterityisunlikelytoabateinthenearterm.SonysignaledasmuchduringitsQ1earningsreportbydowngradingitsconsolesalesoutlook,underscoringthematurityofthecurrentconsolemarket.Thecompanyisalsonavigatinganew,two-CEOmodelafterformerleaderJimRyansteppedaside.Microsoft(notinourcompsheet)closedfourZeniMax-ownedstudios,andEAreviseditsrevenuedownwardcitingalightreleaseschedulein2024aswellasmobileheadwinds.EmbracercontinueditsrestructuringwithdivestmentsofSaberInteractiveandGearbox Entertainment,thedepartureofCEOJohanEkstrom,andaseparationintothreenewbusinessunits.OtherfirmshavefaredbetterwithnetbookingsincludingUbisoft,whichbenefitedfromstrongback-cataloguesales,andTake-Two,whichreviseditsguidanceupward5%aheadofGrandTheftAuto6’supcomingrelease.TencentalsoincreasedbothrevenueandgrossprofitviastrongperformancesfromflagshiptitlessuchasHonorofKindsandPeacekeeperElite. •GamblingcompaniescontinuetobeabrightspotwithanaverageYTDgainof29%,ledbyRushStreetInteractive.Thecategoryfinished+7%onthequarter,assportsbettingisnowlegalandlivein38states,withothersexpectedtofollow,andthesegmentreceivedtailwindsviainternationalexpansion.Near-term,gamblingplatformsarecompetingtoprovidesuperior customerexperiencesasgrowthdeceleratesanduserexperiencestrendtowardcommodification.Gamblingplatformsmayalsoboostanesportscategorythatshednearlyallvalueoverthelastfiveyears. Disclaimer:Any-0valuesarenegativevaluesthathavebeenroundedupto0. Q22024GAMINGPUBLICCOMPSHEETANDVALUATIONGUIDE2 •Theexitlandscaperemainschallenged.OnlyfourcompaniesinouranalystcuratedverticalarecurrentlyinIPOregistration.Near-termcandidatestodebutpubliclyincludegaming-adjacentcompaniessuchasReddit(listedinMarch)andDiscord(reportedlyconsideringanIPO),aswellasmatureprivatecompaniessuchasEpicGamesandDreamGames.Althoughpublicincumbentshavestrongcashbalances,increasingregulatoryscrutinyandashrinkingnumberofstrategicacquirersmakesignificantM&Aactivityunlikelytoresumeinthenearterm. ThePitchBookgamingcompsheetwasconstructedwiththePitchBookExcelpluginusingbothPitchBookandMorningstardata.ThetoolallowssubscriberstopullfinancialdataandcompanyinformationintoExcelformorethan55,000publiccompaniesacrosstheUSandtheworld,aswellasPitchBook’sproprietarydataonmorethan4millionprivatecompanies. Q22024GAMINGPUBLICCOMPSHEETANDVALUATIONGUIDE3 Company MarketMarket1week30days90daysbottompeak YTD 1year3years5years Company MarketMarket1week30days90daysbottompeak YTD 1year3years5years Fast-growthcontentandgamesMonetization Sea-5%5%33%25%-68%86%26%N/A115%AppLovin6%-1%20%360%-12%115%225%N/AN/A Roblox3%12%-3%0%-62%-13%-4%N/AN/AMediaandGamesInvest16%19%21%51%-56%87%129%N/A39% 37Games-1%-12%-25%-15%-58%-33%-62%N/A-9%DigitalTurbine14%-11%-37%-88%-97%-76%-81%N/A-67% G-Bits-3%-5%-7%-28%-63%-28%-65%N/A-20%Azerion2%-8%-7%-73%-85%-16%-39%N/AN/A KeywordStudios3%3%78%20%-26%44%31%N/A26%Unity2%-13%-39%-47%-88%-58%-63%N/AN/A EmbracerGroup-1%-11%-0%-57%-80%-19%-15%N/A-49%Flexion-10%-8%1%-39%-51%2%-32%N/A-29% MeanMedian 5% 4% -4% -8% -7% -3% 27% -43% -65% -70% 9% -7% 23% -36% -19% -29% KakaoGames0%-2%-13%-43%-81%-27%-42%N/AN/A MeanMedian -0% -0% 0% 0% 9% -1% -12% -7% -55% -63% 1% -16% -17% -10% 15% 9% Nexon2%11%12%5%-4%2%-4%N/A28% Company MarketMarket1week30days90daysbottompeak YTD 1year3years5years Medium-andslow-growthcontentandgames Hardware MarketMarket1week30days90daysbottompeak YTD 1year3years5years Company Corsair-1%-3%-11%-7%-50%-20%-37%N/AN/A TurtleBeach1%-16%-17%115%-39%38%24%N/A24% ElectronicArts0%6%5%17%3%3%7%N/A38%Asetek51%-11%-7%12%-74%-3%-21%N/A-61% PearlAbyss-1%8%43%8%-72%7%-21%N/A-13%Asus-3%-6%15%111%14%-3%52%N/A112% UbisoftEntertainment1%-6%4%-15%-55%-16%-23%N/A-72%AcerGroup-3%-14%-1%113%33%-15%40%N/A131% MeanMedian 9% -1% -10% -11% -4% -7% 69% 111% -23% -39% -1% -3% 11% 24% 52% 68% SquareEnix4%5%-22%-32%-41%-16%-35%N/A-6% Krafton0%-2%-13%-43%-81%